Lawrence E. Hagedorn of Andover Kansas a stockbroker registered with ON Equity Sales Company and ON Investment Management has been barred by the Office of the Kansas Securities Commissioner from working as a stockbroker or investment adviser representative and has been fined $50,000.00 and ordered to pay $102,500.00 in restitution based upon allegations that the stockbroker violated Kansas securities laws including K.A.R. 81-3-6(e)(22) by entering into an undisclosed or unauthorized loan arrangement with ON Equity customers. Order No. 19E058/2018-6480 (June 11, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hagedorn has been barred from associating with any FINRA member in any capacity founded on accusations that the stockbroker failed to respond to FINRA’s request for information about his activities. FINRA Case No. 2017055654101 (Feb. 26, 2018).
Hagedorn is also the subject of three customer initiated investment related disputes pertaining to allegations of his practices while employed by securities broker dealers including Ascend Financial Services, Securian Financial Services and ON Equity. FINRA Public Disclosure indicates that a customer initiated investment related complaint pertaining to Hagedorn’s conduct was settled for $7,200.00 in damages supported by allegations of the customer being inappropriately advised to use retirement assets to fund variable life insurance policies during the time that Hagedorn was associated with Ascend Financial Services.
Hagedorn is also referenced in a customer initiated investment related complaint which was settled to resolve allegations that Hagedorn prevented the customer from being able to exercise an option to cancel a variable annuity which Hagedorn had sold while associated with Securian Financial Services. On January 4, 2018, another customer filed an investment related complaint involving Hagedorn’s conduct in which the customer requested $10,000.00 in damages based upon allegations of the customer not being repaid money provided to Hagedorn while he was associated with ON Equity.
Hagedorn was terminated by ON Equity on September 20, 2017 based upon allegations of the stockbroker violating policy by borrowing from customers.
